L
LucanMan
Guest
Has anybody any explanation why the broker charges are so high when they hardly offer any constructive advice longer term.
To give you an example I was FORCED to make my AVCs through Marsh Ireland (Broker) as our profession and few other professions (without naming) in our category were forced to use Marsh as there is NO ALTERNATIVE broker available.
The charges are a whopping 5% of all contributions to Marsh and 0.95% to Irish Life + another WHOPPING 25% of all contributions to Marsh Ireland in the first year of the contributions.
Thereafter we pay nearly 6% for every contribution we make for the rest of our life ................for what ??
I have been contributing for over 12 years and they gave me advice to invest the pension AVC money in the secure performance fund (with low returns) as I initially said I wanted to play safe as the markets then were volatile. They never returned to me thereafter to suggest changing my funds to a riskier one or reviewed my pensions on a yearly or two yearly basis. So what are we paying 5% to Marsh for ??
Let us presume they have given us good advice with our pension investment to start with (for which we gave them 30% of our contributions for the first year). Why then are we paying them or being forced to pay them 6% every year thereafter for the next 30 years ??? I am bewildered. Why does the govenment not take note of this especially if you cannot administer your own PRSA (applicable to certain professions)???
Why is the government not cutting down on this heavy commission we pay these brokers? The pension board told me unfortunately we did not have any alternative brokers in our profession and we had to go through Marsh.
Anywya the question I ask is why are we paying such high 6% of investment and then the Irish Life monthly charges in addition WHEN the funds on average have a 10% yearly return over a 10 year period.
To give you an example I was FORCED to make my AVCs through Marsh Ireland (Broker) as our profession and few other professions (without naming) in our category were forced to use Marsh as there is NO ALTERNATIVE broker available.
The charges are a whopping 5% of all contributions to Marsh and 0.95% to Irish Life + another WHOPPING 25% of all contributions to Marsh Ireland in the first year of the contributions.
Thereafter we pay nearly 6% for every contribution we make for the rest of our life ................for what ??
I have been contributing for over 12 years and they gave me advice to invest the pension AVC money in the secure performance fund (with low returns) as I initially said I wanted to play safe as the markets then were volatile. They never returned to me thereafter to suggest changing my funds to a riskier one or reviewed my pensions on a yearly or two yearly basis. So what are we paying 5% to Marsh for ??
Let us presume they have given us good advice with our pension investment to start with (for which we gave them 30% of our contributions for the first year). Why then are we paying them or being forced to pay them 6% every year thereafter for the next 30 years ??? I am bewildered. Why does the govenment not take note of this especially if you cannot administer your own PRSA (applicable to certain professions)???
Why is the government not cutting down on this heavy commission we pay these brokers? The pension board told me unfortunately we did not have any alternative brokers in our profession and we had to go through Marsh.
Anywya the question I ask is why are we paying such high 6% of investment and then the Irish Life monthly charges in addition WHEN the funds on average have a 10% yearly return over a 10 year period.